Former Prime Minister Stuart Young has disputed statements attributed to Minister Saddam Hosein concerning an NCBJ loan involving the Estate Management and Business Development Company, EMBD.
Speaking at an opposition press conference, Young rejected the suggestion that the loan had been used to pay legal fees.
He maintained that the financing was instead connected to payment of a court judgment involving contractor Junior Sammy for work undertaken during the 2010–2015 administration.
According to Young, EMBD had challenged the amount claimed, resulting in a reduction of the sum owed.
Young denied personal involvement in the loan arrangement and accused government members of misrepresenting its purpose.
He also addressed references to his brother’s employment at NCBJ, stressing that his brother was an employee rather than an owner of the publicly traded financial institution.
Young further claimed that the bank had secured only approximately 2.7 per cent of relevant government financing opportunities over a ten-year period.
He argued that his family connection was being used to suggest wrongdoing without establishing any improper financial interest.
The underlying loan documents, court judgment and procurement records were not examined during the supplied press conference.